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Help me! My company is drowning under all this debt

by , 15 April 2014
Extreme debt can be overwhelming for you and crippling for your business. Thousands of businesses go under because of badly managed debt. These businesses also don't know who to turn to for help. Don't let your business sink. Rather use the lifelines available to you: Debt consolidation and debt rescue. Here's how...

Are you protected from personal liability in the new Companies Act?
If you're a director - you could be held personally liable for fraud in the company. This means that you need to know exactly what your financial status is.
Relying on your auditor for feedback is not good enough anymore
Here's how the two processes can save your business from rising debt
The most important part of pulling your business out of debt is finding the right help. The right professionals can help you structure the best financial plan possible. 
Once you have found the right people to work with, the process can begin. 
If you're using debt consolidation to better manage your debt, you'll start with loan consolidation. Here the professionals will help you negotiate with existing creditors. They can also try and help you get a low with the lowest possible interest rate. It's not a good idea though to take out a normal business loan to do this. 
When doing debt rescue, a professional will help you create a financial plan which works from the inside. This way you can still run the business while restructuring your finances to recover for your debt. 
Debt Rescue says debt counseling will help find a payment plan which your creditors will be happy with too. This is what you need to recover from debt and trying to do it on alone is impossible.
But how do the two go together?
In his recent budget speech, Finance Minister Pravin Gordhan revealed major medical tax credit changes
At the start of the new tax year (1 March 2014), monthly tax credits for medical scheme contributions marginally increased... And this increase impacts the calculation of your employees' PAYE. 
Combine debt rescue and consolidation to save your business! 
Debt Group says that when it comes to saving your business, debt counseling for debt rescue is better than a consolidation loan. If you combine them, however, you get the best of both worlds. The loan will simplify who and what you have to pay back. The debt rescue counseling will help you plan your finances to pay back the lender, without going broke. 
So if you feel like you're drowning under debt, combine these two approaches. After all, two life rings are always better than one. 

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